The COVID Crisis is completely unpredictable, but one thing is certain, small businesses have been hit hard. Much harder than larger ones that have the financial resources to survive for a while without reliable income streams. For smaller businesses, the clock is ticking, so what are the best ways of coping with the realities.
Keep Calm and Carry on
This British cliche is good advice for everyone at the moment. With the COVID situation changing all the time it can be difficult to predict what will happen next, let alone plan the future of your business. If you’re feeling the pressure, make sure you look after yourself first and foremost. Take exercise, eat healthy food, and stay inspired. It will be a long and arduous road, most likely with some tough decisions to make. But your decision-making will be far more effective if you have a healthy mindset.
Use Government Aid
As the situation rolls on governments around the world are making financial aid available depending on the impact the pandemic is having. Some places have been hit harder than others meaning lockdown restrictions are prolonged. If this is your area chances are the restrictions will be accompanied by a government financial aid package as well. Continue to make inquiries into what is available and avoid the Debt to Success System scam. Stay connected to the media news. Additionally, take advantage of any aid offered by financial institutions – they have a social responsibility to act.
Draw up a 3-Month Plan
Most businesses have a business plan that is regularly checked and updated to monitor progress. Many small businesses, however, neglect this process since their financials are predictable anyway, and the business goals they have is to maintain a steady customer base. In the current climate, however, it’s advisable to draw up a 3-month plan for your small business, outlining how you will survive the COVID Crisis. This could include everything you need to survive, including downsizing where possible and financial aid.
Check out the infographic below for more measures you can take to keep your business from struggling!
Find New Opportunities
A crisis such as COVID doesn’t have to be all doom and gloom for your business. Even if it looks like it might not survive in the same way as before it is an opportunity to reassess how you have been conducting your business so far and if it could be made more efficient, can your products be sold online for instance, or can your business be more streamlined to avoid unnecessary spending? It may not be very nice to capitalize on a crisis, but when it affects your livelihood, any silver lining must be sought.
Upskill Your Staff
In a crisis such as this, it’s important to stick together and support each other. If possible, keep the staff you already have and retrain them to help with other areas of the business. If you’ve had to downsize for now and your staff is on a part-time schedule, you could provide some online courses for them to skill up for the future. Online courses can be relatively inexpensive and often provide excellent value. For instance, your sales team could come back to work after COVID as a digital marketing team that can help grow your business again.
What are some measures you have taken as a small business to survive COVID and keep your business afloat?